USGS Greenland Survey Shows Much Lower Resource Potential

The northeastern shore of Greenland could provide the U.S. with significantly fewer billions of barrels of oil and gas resources than previously thought, the U.S. Geological Survey said Tuesday.

The lower resource estimate will mean that, as domestic production declines, the U.S. will have to increasingly rely on other major producers such as Russia, Venezuela, West African states and the Middle East.

The USGS published the first review of the hydrocarbon potential of the region in seven years, estimating more than 30 billion barrels worth of petroleum reserves.

The government agency said it believed the area – which lies under massive sheets of ice in water depths up to 500 meters – holds 9 billion barrels of oil, 86 trillion cubic feet of natural gas and 8 billion barrels of natural gas liquids that are undiscovered but recoverable.